Cashew Kernel Market Size, Share, Industry, Forecast and outlook (2024-2031)

Cashew Kernel Market is Segmented By Grade (White Wholes, Scorched Wholes, Desert Wholes, White Pieces, Scorched Pieces, Dessert Pieces), By Processed Type (Raw, Dried, Flavored, Others), By Distribution Channel (Supermarket/Hypermarket, Convenience Stores, Online Sales, Others), and By  Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Cashew Kernel Market Size

The Global Cashew Kernel Market will be US$ 3.2 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 4.5 billion by 2030. The market is growing at a CAGR of 4.5% during the forecast period 2024-2031.

Growing awareness of the nutritional composition of cashew kernels is boosting market growth. Consumers increasingly seek healthier snack options, and cashew kernels fit this trend perfectly. Cashew kernels are known for their nutritional benefits, including being a good source of healthy fats, vitamins and minerals. The rising awareness of the health benefits of cashew kernels drives their demand as a healthier snack alternative.

The growing popularity of vegan and plant-based diets drives the demand for cashew kernels. Cashew kernels are versatile in vegan and plant-based recipes, offering a creamy texture and nutty flavour. The market growth is supported by consumers looking for plant-based alternatives to dairy products, such as cashew-based milk, cheese, and desserts.

Cashew Kernel Market Scope

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Cashew Kernel Market Dynamics

Health Benefits and Nutritional Profile of Cashew Kernel are Driving the Market Growth 

Cashew kernels contain essential nutrients, including vitamins, minerals, healthy fats, fiber, and protein. They are a good source of vitamin E, B vitamins (thiamin, riboflavin, niacin, and folate), and minerals like magnesium, copper, and phosphorus.  For instance, 100 grams of cashews contain 36% of the daily value(DV) of Protein, 73% of DV of magnesium, 20% of Vitamin B6, 37% of Iron, etc.  These nutrients make cashew kernels an attractive choice for health-conscious consumers.

Cashew kernels contain monounsaturated and polyunsaturated fats, including oleic acid and linoleic acid, which are heart-healthy fats. These fats help lower bad cholesterol levels (LDL cholesterol) and increase good cholesterol levels (HDL cholesterol), reducing the risk of heart disease. The association of cashew kernels with heart health benefits has garnered consumer interest and contributed to market growth. 

The Ability of Cashew Kernels to Help with Weight Management is Propelling the Demand for Cashew Kernels

According to the World Obesity Atlas 2022, released by the World Obesity Federation, 1 billion people worldwide, including 1 in 5 women and 1 in 7 men, will be obese by 2030.  As obesity rates continue to rise globally, individuals are becoming more conscious of their dietary choices and seeking healthier snacking options. Cashew kernels offer a satisfying crunch and a good combination of protein, fibre, and healthy fats, making them attractive for those looking to make healthier snacking choices. 

The rise in obesity rates has also coincided with an increased focus on dietary preferences, including plant-based diets. Cashew kernels, being a plant-based food, align with the preferences of individuals following vegan, vegetarian, or flexitarian diets. As more people adopt plant-based eating patterns for weight management or other health reasons, the demand for cashew kernels as a protein-rich and flavourful option has increased.

Price Volatility Associated with Cashew Kernel Can Restrain the Market Growth.

Cashew kernels are subject to price fluctuations due to various factors such as weather conditions, supply-demand dynamics, and geopolitical factors in the major producing regions like India, Vietnam, and Africa. These price fluctuations can create uncertainty for buyers and affect profit margins for both manufacturers and retailers.

Cashew kernels are a relatively higher-priced nut than alternatives like peanuts or almonds. Price volatility can affect consumer purchasing decisions, especially in price-sensitive markets. Sudden spikes in cashew kernel prices may lead consumers to seek more affordable alternatives, impacting the demand and market growth of cashew kernels.

Cashew Kernel Market Segment Analysis

The Global Cashew Kernel Market is segmented based on form processed type, distribution channel, and region.

The Premium Quality of White Whole Cashew Kernel is Driving the Segment Growth 

Depending upon grade, the cashew kernel market is divided into the white whole, scorched wholes, dessert wholes, white, scorched, and dessert pieces. In 2022, the white whole had the highest share in the cashew kernel market owing to its premium quality, attractive appearance, and versatile usage. The grades WW-180, WW-240, WW-210, and WW-320 are the most popular ones on the market. White wholes have several uses, including baking, confectionary, and snacks.

White whole cashew kernels are widely consumed as a standalone snack and are used in various culinary applications. They are preferred for their larger size, uniform shape, and mild taste. Their versatility allows them to be used in recipes ranging from savory dishes to desserts and confectionery.

Source: DataM Intelligence Analysis (2024)

Cashew Kernel Market Geographical Share

The Large-Scale Cashew Production in Asia-Pacific Region 

In 2022, the Asia-Pacific region had the highest share of the cashew kernel market. Asia-Pacific, particularly countries like India and Vietnam, has been a major production hub for cashew kernels. For instance, as per the Food and Agriculture Organization(FAO) of the United Nations, in 2021, the production quantity of cashew nuts in India is 738000 tons. 

The region has favorable climatic conditions and a well-established cashew cultivation and processing infrastructure. The region's large-scale production capacity contributes to its high market share.

Asia-Pacific is home to a large population, and cashew kernels are a popular snack and ingredient in the region. The rising disposable incomes, changing dietary preferences, and increasing awareness of the health benefits of cashew kernels have led to a growing demand for them in the region. This strong domestic consumption contributes to the region's high market share.

Source: DataM Intelligence Analysis (2024)

Cashew Kernel Market Companies

The major global players include Alphonsa Cashew Industries, Nutsco Inc., DVK Group, Afokantan Benin Cashew, Olam International Limited, Prime Nuts FZE, Afokantan Benin Cashew, Vietnam Cashew Processing Co., Bismi Cashew Company and Cashew Group

COVID-19 Impact on Cashew Kernel Market 

COVID-19 Impact 

The COVID-19 pandemic negatively affects the cashew milk market due to the nationwide lockdown restrictions, posing challenges for the manufacturer. The COVID-19 pandemic has initially caused manufacturing units to shut down in many countries. The shortage of manpower due to fear of the contagious coronavirus has caused many companies to lose production. 

The COVID-19 pandemic disrupted all the strategies and forecasts for industry growth. According to experts, the leading players need to review their strategies to support the following COVID-19 scenario and maintain healthy relationships with their business partners. As a result of this pandemic, the world's average disposable income decreased. The leading manufacturers of the market are expected to attempt to discover new areas.

AI Impact

AI vision systems can be employed to automate cashew nut detection and harvesting. These systems can identify ripe cashew nuts based on visual cues and employ robotic arms or mechanical tools for efficient and accurate nut harvesting.

AI-powered decision support systems can provide real-time recommendations to cashew farmers regarding irrigation schedules, pest management strategies, and fertilizer applications. 

AI-based sorting and grading systems can analyze various parameters such as size, color, and quality to sort cashew kernels accurately. This automation improves efficiency, reduces labor costs, and ensures consistent product quality.

Key Developments

• In May 2023, Hershey India, an operator of confectionery and beverages, launched new cashew butterscotch milkshake for summer.
• On May 13, 2022, Mrs. Aminata Assome Diatta, Minister of Commerce for Small and Medium Enterprises, formally started the campaign for the cashew marketing nuts.
• In June 2021, the Indian government authorized the Agricultural and Processed Food Products Export Development Authority (APEDA) to give the Registration-Cum-Membership Certificate (RCMC) for cashew kernels in India.

Why Purchase the Report?

• To visualize the Global Cashew Kernel Market segmentation based on grade, processed type, and distribution channel to understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous cashew kernel market-level data points, all for segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The Global Cashew Kernel Market Report Would Provide Approximately 60 Tables, 61 Figures And 102 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies